Iron ore prices in China fluctuated within a limited range in the past week, before posting a strong increase today, Thursday, February 20, supported by a more significant rise in futures prices and better demand. The sentiment in the iron ore market has also been supported by rises in the local steel market in China.
Iron ore fines with 62 percent Fe content have increased by $2/mt on February 20 to $109/mt CFR. Moreover, this level is $2.5/mt above that was seen on February 13. Brazilian iron ore with 65 percent Fe has increased by $1.85/mt on February 20 to $122.8/mt CFR, while up $2.55/mt week on week, SteelOrbis has learned.
18 deals for a total of 202,000 mt of iron ore have been done on the Corex platform on February 20.
During the given week, import iron ore prices in the Chinese domestic market have fluctuated within a limited range amid the gradual improvement in demand from downstream users. The imposition by the US of tariffs on steel products has raised the concerns of market players. However, deliveries of iron ore have decreased sharply, bolstering prices firmly. At the same time, iron ore futures prices have moved up, exerting a positive impact on import iron ore prices. It is expected that import iron ore prices in the Chinese domestic market will edge up further in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have increased by 2.26 percent today to RMB 837/mt ($117/mt) compared to the previous trading day, February 19, while increasing by RMB 29/mt ($4/mt) compared to February 13.
As of February 20, rebar futures at Shanghai Futures Exchange are standing at RMB 3,358/mt ($468/mt), increasing by RMB 93/mt ($13/mt) or 2.85 percent since February 13, while up 1.24 percent compared to the previous trading day, February 19.
Imported iron ore prices in China (week-on-week basis)
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
Newman iron ore lump |
63/63.5 |
939 |
1 |
130.9 |
0.2 |
Yandi fines |
58 / 59 |
786 |
-1 |
109.6 |
-0.1 |
PB Fines |
62 |
815 |
-1 |
113.7 |
-0.1 |
PB iron ore lump |
62/63 |
955 |
5 |
133.2 |
0.7 |
Brazil fines |
63 |
828 |
-2 |
115.5 |
-0.3 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
Tangshan |
873 |
0 |
122 |
0 |
Beipiao |
825 |
12 |
115 |
2 |
Price includes VAT.
$1 = RMB 7.1712